Removable goods are defined as goods which are not permanently fixed to a structure, for example, furniture, appliances, heirlooms, electronics, and the like. Each removable good in addition to the value of the structure and any permanent fixtures add to the insurable value of a customer's residence and/or business. Property insurers, such as insurance companies and other adjusting companies, have long dealt with problems associated with the valuation and/or replacement of damaged removable goods such as furniture or electronics in residential and commercial buildings of those they insure. A major expense is felt by both an insurer and a customer, or insured removable goods owner, due to time expended during both the evaluation of the claim and restitution of the damaged removable goods. Generally, insurer faces the cost of replacement or restoration of the damaged removable goods. Additionally, whether the building is a home or a business, the customer is inconvenienced until the replacement of the damaged removable goods are completed.
Presently, monetary value relationships for removable goods generally rely on a subjective valuation. For example, one method used by insurers is to agree in advance with the customer on a monetary worth for a specified removable good owned by the customer when an insurance policy or agreement is formed. One problem is that such a method can produce disparate results. If the removable good is overvalued, then the insurer pays more than the removable good is worth. If the removable good is undervalued, the customer will only receive the agreed upon amount and will often be dissatisfied, especially if prices of equivalent replacement removable goods have substantially increased above the agreed amount the customer will receive.
Another method often employed by insurers to determine the value of existing removable goods in order to settle damage claims is to require the customer to “get two quotes” from two independent retailers/appraisers which estimate the cost of replacement removable goods. Generally, one quote, or an average of both quotes, is used to determine the amount of monetary coverage that will be allotted to the customer by the insurer. Such a practice can result in fraud by the retailer to the detriment of the insurer, for example, when the retailer “buries” a deductible by adding extra cost so as to effectively pass the expense of the deductible to the insurer. Also, since the customer is responsible for the acquisition of the quotes, further delay and/or high-price quotes may result, further adding to the cost incurred by the insurer.
The current methods of assigning values of monetary worth to removable goods, such as for example those discussed above, which involve subjective methods and/or non-expert assessments, often result in unfair value assignments and dissatisfaction, or possibly even litigation, between the insurer and the customer. A major problem with current subjective and comparative methods is that such methods do not allow for an objective scientific evaluation to determine an initial monetary market value of the specified removable goods, i.e. a value of the specified removable goods in new, pre-use condition, or further, to determine a devaluated monetary market value, i.e. a value of the specified removable good taking into consideration the loss of value or depreciated value of the removable good caused by normal wear or abuse incurred during the life of the specified removable good. The determination of the devaluated monetary market value is especially beneficial, because when degradation due to such loss factors as aging, staining, wear, and tear of the specified removable good are not taken into account to devalue the specified removable good, the insurer may pay more than the realistic current worth of the specified removable good.
To Applicant's knowledge there is no interconnected system which includes estimation logic, project management logic and delivery logic for managing an insurance claim for removable goods from start to finish in a just in time fashion.
Thus, a need exists for a removable goods evaluation system which more objectively assigns monetary market value to removable goods, and more specifically, but not by way of limitation, which more objectively assigns an initial monetary market value and/or a devaluated monetary market value in a timely and efficient manner, so as to facilitate the providing of restitution to customers and to reduce costs of expenditures, inconvenience, and delays incurred by customers and/or insurers. It is to such a removable goods evaluation system that the present invention is directed.